FTSE 250 movers: Taylor Nelson jumps after spurning WPP

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Date: Thursday 03 Jul 2008

LONDON (ShareCast) - Market researcher Taylor Nelson Sofres jumped after rejecting a revised £1.078bn bid proposal from advertising firm WPP.

The terms of the offer were 173p in cash and 0.1889 of a WPP share for each Taylor Nelson share, which represents a 52% premium over the closing price of Taylor Nelson before GfK made its merger approach.

But Taylor Nelson said it has "unanimously rejected" the proposal, which it believes "again substantially undervalues" the group.

Brewing and pub group Greene King is fizzing after it recorded full-year pre-tax profits slightly above market expectations, and said current trading is in line. Pre-tax profits before exceptional items in the 53 weeks to 4 May were £142m, up 2% from £139.8m the year before and slightly ahead of analysts’ expectations of £140.4m.

Game Group is out of favour after saying it recognises “the challenges of the wider economic environment." The computer games retailer said it expects profit before tax and non-recurring costs for the 6 months to 31 July 2008 to be not less than £33.0m compared with £2.7m in 2007.

FTSE 250 - Risers
Taylor Nelson Sofres (TNS) 245.00p +8.89%
Bovis Homes Group (BVS) 315.75p +8.13%
Cattles (CTT) 112.50p +7.66%
Bellway (BWY) 398.75p +5.56%
Greene King (GNK) 420.00p +4.93%
Northgate (NTG) 335.75p +4.92%
Ashmore Group (ASHM) 209.25p +4.62%
Travis Perkins (TPK) 472.50p +4.54%
Domino's Pizza UK & IRL (DOM) 176.75p +3.97%
Michael Page International (MPI) 230.00p +3.95%

FTSE 250 - Fallers
Premier Foods (PFD) 74.00p -11.11%
International Ferro Metals (IFL) 93.25p -10.98%
Johnston Press (JPR) 36.00p -10.00%
Mecom Group (MEC) 16.75p -9.46%
Talvivaara Mining Company (TALV) 313.00p -7.94%
Persimmon (PSN) 221.00p -7.92%
Imperial Energy Corporation (IEC) 786.00p -7.75%
PartyGaming (PRTY) 223.75p -7.54%
Game Group (GMG) 242.50p -7.53%
Quintain Estates & Development (QED) 157.00p -7.10%

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